Phuket with is palm trees, white sands and fantastic scenery with clear blue water makes for one of the best retirement locations in Thailand. Its tropical vegetation and all year sunshine makes it an excellent place to spend your retirement […]
Phuket with is palm trees, white sands and fantastic scenery with clear blue water makes for one of the best retirement locations in Thailand. Its tropical vegetation and all year sunshine makes it an excellent place to spend your retirement at. Unlike other property locations in Thailand Phuket offers many visitors, expats and investors with some of the best property developments available in Thailand. Buying a villa in Phuket or investing in a condo is usually one of the best investment you could make.
Retirement in Phuket
Many investors in Phuket buy property in Phuket with a long term view on investment and return on their investment. Unlike Dubai which had a massive property bubble, the Thai government put many legal steps in place to avoid the same problem. Property you bought 5 years ago would still make for a good investment today. For this reason many buy property and leave the property in the hands of a rental agent who will then ensure that the property becomes a working investment. Not only does it appreciate in value but also provides a rental income which many use to add on an additional room, spa or sauna. This has become a very common practice in Phuket.
If you are older than 50 years and wish to retire in Phuket. Then you can contact a lawyer in Phuket who will assist you with your property purchase as well as your immigration status. You only need to show an income of 800,000 THB per year in order to retire in Thailand. Many do offer you a package where they will not only assist you with a due diligence report on the property you are buying but also arrange your immigration paperwork for you.See the Thai retirement visa in Thailand for more information. See also the retirement in Bangkok article on here.
Many who do retire in Phuket tend to get married again. Property laws in Thailand are complex and can be an impediment to living and retiring in Thailand. There are however a number of options available to you such as a prenuptial agreement as well as a usufruct or superficies to protect your property investment in the event of a divorce. Note that if you are buying a condo in Thailand. That the law stipulates that foreigners may not hold more than 49% shareholding in the condo units.
Many however place their unit into the name of a Thai company. However there are tax implications to this which many foreigners do not see. The Thai government tends to look at that as an income benefit. This as the director of the company receiving a benefit that has not been taxed. You need to seek legal advice. This before you embark on these type of investments.
As a foreigner may not own land in Thailand. You have a number of options such as superficies which allows you to own the property. But not the land it stands on or you can look at a usufruct. Which allows you to hold the property until the usufruct expires. There are many options available and prudent legal advice is a good start.